Three Macquarie analysts depart
Three analysts from Macquarie Investment Management's fundamental Australian equities team have announced their immediate resignation, including portfolio manager Neil Carter, according to Standard & Poor's.
Analysts Jim Copland and Matthew Griffin are also leaving Macquarie. As a result of the departures S&P have placed three Macquarie funds 'on hold', including the Australian Small Companies Fund and Australian Microcap Fund, which were managed by Carter.
S&P also placed the Macquarie High Conviction Fund on hold due to the significance of all three team members to the broader team, and the impact of their departure on the remaining team members.
Macquarie has a broad-cap team structure, in which Copland and Griffin were responsible for researching both large and small-cap resources companies, S&P stated.
In the interim, the Australian Small Companies Fund and Australian Microcap Fund will be overseen by senior colleagues, including listed equities division head Patrick Hodgens and portfolio manager Mark Harrison, who is responsible for the Macquarie High Conviction Fund.
The team has eight remaining analysts including Hodgens and Harrison and head of research Andy Kovacs, S&P stated.
S&P said it is monitoring developments and will reassess the on hold ratings when there is more clarity over the steps Macquarie will take in response to the departures.
Macquarie Funds Group said it does not comment on staff matters.
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